Mecum 25th Spring Classic Auction in Indy

The mood at the Indiana State Fairgrounds was upbeat—among participants, spectators, even the auction staff—as Dana Mecum and his crew celebrated 25 years of holding the Spring Classic Auction in Indianapolis. During six busy days Mecum moved nearly 3,000 lots through two auction rings. About 70 percent of the cars, memorabilia, and other items changed hands, bringing the sale’s total to $52.6 million.

2/13The very first ZL1 Camaro built—which Fred Gibb sent immediately to Dick Harrell to transform it into a Super Stock drag racer—sold at the Spring Classic for $400,000.

“Everyone was having a good time,” said Mecum’s David Newhardt. “The weather was great, the cars were bringing good money, it was a real happy environment. The market, in general, is still on the rebound, but it’s a measured rebound, nicely paced, without the crazy ups and downs we’ve seen previously.”

The highest sale price of the week, $600,000, was bid for a beautifully restored and award-winning ’68 Corvette L88 convertible. The Vette was one of six Chevrolet products that made Mecum’s list of top-10 sellers for the week.

“They were really extraordinary cars—L88, Yenko Nova, the first ZL1 Camaro built, a ’67 Yenko Camaro,” said Newhardt. “These muscle cars are still getting eaten up like cotton candy by people who love the cars.”

Not all the high-dollar sales were GM products, he pointed out. Boss 429 Mustangs are continuing to command bigger sale prices, a trend he first spotted at the beginning of the year. At the Spring Classic, a ’69 model, sporting just 4,500 miles on the odometer and having undergone a meticulous rotisserie restoration, sold for $250,000.

3/13Highest price paid at Mecum’s Spring Classic was $600,000 for this ’68 Corvette L88 convertible. One of just 13 documented L88 converts known to exist, it was restored using its original 427/four-speed drivetrain and N.O.S. parts.

“For years, Boss 302s were the ones getting the ink and the money,” Newhardt said. “Those prices have stabilized, and people are finally realizing what kind of monster a Boss 429 can be. People seem to be looking for something new to invest in, and the Boss 429s, which had been kind of overlooked, are finally getting their due.”

As we’ve seen in the past, the good cars—those that are well documented and have provenance, history, scarcity, originality, or some combination of all those factors—are still bringing good money, Newhardt said.

But the Spring Classic isn’t just about the high-dollar investment cars, he noted. There are deals to be had for those without huge lines of credit. For example, a sweet-looking ’65 Merc Comet Caliente convertible, red with a 289, a new top, and the original interior, found a new home for just $10,000. That’s a lot of fun per dollar, and just one example of the breadth of cars available at Mecum’s auctions.

For more information about upcoming Mecum sales and full Indy results, visit www.mecum.com.